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Classic Waldorf Hotel to Be Gutted, Up to 1,100 Rooms Turned Into Condos

China’s Anbang, acquirer of the New York landmark, is finalizing plans to shut the hotel for up to three years and convert as many as three-quarters of its rooms into private apartments

China's Anbang Insurance Group which owns the Waldorf Astoria in New York City, says it plans to close the landmark hotel for up to three years to convert the majority of the hotel's rooms into private apartments. The WSJ's Lee Hawkins explains.

The Chinese acquirer of the Waldorf Astoria is finalizing plans for an extensive overhaul that would shut the landmark New York hotel for up to three years and convert as many as three-quarters of its rooms into private apartments, people familiar with the matter said.

Anbang Insurance Group Co.’s restoration plan calls for closing down the 1,413-room property in the spring, removing as many as 1,100 hotel rooms and eliminating hundreds of hotel jobs, the people said.